Money Management

Make the most of your money by putting it in the right place. Here are attractive options to consider this month. 

It’s hard to believe that we’ve reached the final month of 2023. But alas, here we are.

In December, a lot of people tend to spend extra money when holiday shopping. So you may not have so much spare cash at your disposal. But if you do have extra money on hand, here are some great places to put it this month.

1. A savings account

Savings account rates are still strong following a string of interest rate hikes from the Federal Reserve. You might as well take advantage by sticking your extra cash in the bank.

Plus, doing so could be a great way to buy yourself some peace of mind ahead of the new year. The more money you put into savings now, the better equipped you’ll be to tackle unplanned or emergency expenses that arise in 2024.

2. A CD

A big reason banks are paying generously these days is that the Fed has hiked interest rates numerous times since early 2022. But if inflation continues to cool in 2024, the Fed might cut rates. And that could lead to banks paying less. That’s why now’s a good time to lock in a certificate of deposit (CD) at a competitive rate.

That said, you should know that banks will generally penalize you for cashing out a CD before it comes due. So before you put money into a CD, think about how much emergency savings you feel you should have. You don’t want to tie up cash that you might need to do something like cover a home or car repair in the new year.

3. Your 401(k)

The more money you put into your 401(k), the larger a retirement nest egg you might end up with. Also, with a traditional 401(k), your contributions shield a portion of your income from taxes, so that’s another good reason to put in as much money as you can. But you may need to act quickly to make an additional contribution for 2023.

See, 401(k) plans are funded through payroll deductions. So it might take some behind-the-scenes work to process a change to your contribution rate. The sooner you let your benefits coordinator or payroll administrator know that you want to increase your contribution for 2023, the better your chances of seeing that change go through before the end of the year.

4. Your credit card bill

Recent data from TransUnion found that 30% of consumers expect to spend between $501 and $1,000 on holiday shopping this season, while 21% intend to spend over $1,000. If you’re looking at spending somewhere in either ballpark, then it’s a good idea to take your spare cash and put it toward your credit card balance.

Carrying a credit card balance forward could mean losing money to interest in 2024. Plus, it’s just not fun to kick off a new year with debt. So if you can avoid that, you may be much happier.

A lot of people will inevitably find that money is tight in December. But if you happen to land in the opposite boat, all of these choices are great ones to consider for your extra money.

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Looking to close out the year with more savings? Read on to see how. 

For many people, December is unquestionably the most expensive month of the year. It’s when a lot of holiday shopping tends to happen, and it’s when kids get an extended break from school.

As such, it can be hard to add to your savings account balance at a time when you’re generally spending more money than usual. But if you do these things, you may find that you’re able to boost your personal cash reserves by $100 this month.

1. Buy fewer holiday gifts

If you didn’t load up on holiday gifts during Black Friday or Cyber Monday, you may be deep in the throes of holiday shopping now. Data from TransUnion finds that more than half of Americans expect to spend upward of $500 on the holidays. But if you’re able to whittle down your gift list, you can bank an extra $100 rather than add it to your credit card tab.

Think about the people in your life who you can give something homemade to rather than store-bought. Your child’s teacher probably doesn’t want your homemade cookies, as well-intentioned as an idea like that might be. So that’s a situation where it’s worth gifting a store-bought box of candy instead. But when it comes to your mom, sister, and aunt, why not replace an expensive item with something you create in your own kitchen?

2. Host a potluck Christmas dinner instead of catering or doing all the cooking yourself

If hosting Christmas dinner usually falls on you, then you’re no doubt aware that it can be a big expense, especially if you’re feeding a crowd. If you typically cater that meal, try doing things differently this year. Rather than shell out hundreds of dollars, make a few main dishes and ask your guests to contribute sides, appetizers, beverages, and desserts.

Even if you normally do all of the cooking yourself, that’s still apt to result in a pretty large grocery bill. Asking guests to bring items for that meal could not only help you save money, but also take a lot of work off your plate.

3. Find low-cost entertainment during your kids’ winter break

Schools are commonly closed during the period between Christmas and the start of the new year. That can be a nice opportunity to bond with your kids. But keeping them busy can also get expensive. Instead of spending the week going to the movies, dining out, and spending a small fortune at the bowling alley or arcade, find ways to entertain your kids for less.

Round up some of their favorite movies and have a daytime marathon at home. Go on a scavenger hunt through town, or take a hike if the weather cooperates. And if you have fellow parents in the same boat, the simple act of taking turns having each other’s kids over could give everyone a nice change of scenery without any sort of financial outlay.

December can be a pretty tricky month to save money. But if you play your cards right, you may find that you’re able to close out the year with a little more cash in the bank.

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Trader Joe’s has upped its game this month. Read on to learn about some awesome products you might find there. 

The closest Trader Joe’s to where I live is about 30 minutes away. As such, I can’t rely on it as my go-to grocery store. Rather, I do my best to get down there when I can, which is usually once a month at most.

But there are certain times during the year when I absolutely make a point to stop at Trader Joe’s. One is the September-October time frame, because that’s when the Trader Joe’s pumpkin explosion tends to happen. The other must-visit time frame in my book is late November-early December, because that’s when the shelves of Trader Joe’s tend to be stocked with a host of holiday goodies.

I recently paid a visit to Trader Joe’s and brought home these awesome items. You may want to check them out while they’re still available.

1. Aged Sheep’s Milk Cheese Marinated in EVOO

I happen to love me some cheese, so whenever I visit Trader Joe’s, I like to ask if there’s anything new in that area worth sampling. The helpful store employee I spoke to the other day told me I just had to try this new Aged Sheep’s Milk Cheese, and I’m so glad she did.

This cheese is honestly one of the most unique dairy products I’ve sampled. The olive oil lends an interesting touch to a flavor that’s nutty without being overpowering. You can snag a six-ounce block for $5.99, but you may want to pick up a second one, too. I was told this item is only going to be around for a short while.

2. Dark Chocolate Covered Peppermint Cremes

During the month of December, the majority of the snack food I consume is of the peppermint variety. I routinely pick up a giant batch of peppermint bark at Costco. And this is the second year in a row that I’ve snagged these peppermint cremes from Trader Joe’s.

What makes them so tasty is that they have a creamy middle that’s sort of truffle-like. Imagine a York Peppermint Patty, but softer. And I love the texture of the peppermint bits on the outside. You can snag a seven-ounce box of these beauties for $3.99. I’m proud of myself for only having bought one box, not two.

3. Astounding Multi-flavor Mini Pretzels

If you’re a fan of the salty and sweet combo, then this box of pretzels is calling your name. It features four varieties with toppings that include rainbow nonpareils and mini M&Ms (well, they’re the Trader Joe’s version, so we’ll have to technically call them chocolate gems instead). I haven’t busted into my box yet because I’m trying to exercise self-control and save it for a gathering. Otherwise, I fear I might eat the whole thing myself. You can grab a 16-ounce box for $7.99.

4. Mini Gingerbread People

These gingerbread cookies are probably one of my favorite things to buy at Trader Joe’s. They’re just a really tasty bite — one that has a nice little kick but isn’t too sharp. And while I don’t always like icing, the icing on these cookies is subtle and unobtrusive. Because my kids enjoy these cookies like I do, I usually pick up two boxes to last a couple of months. At $4.49 per 16-ounce box, that’s by no means an unreasonable credit card tab.

5. Pretzel Bread Pudding

I won’t even pretend to be on anything close to a health kick this month. So when I saw Pretzel Bread Pudding in the freezer section of Trader Joe’s, I knew I had to bring it home. I haven’t tried it yet, but I’m imagining another sweet and salty concoction that I can warm up and top with a scoop of vanilla ice cream for absolute perfection. I paid $4.49 for a 7.6-ounce box, and I have a feeling this is going to taste better than any dessert I might otherwise pay double for at a restaurant.

I’m so excited to fully dive into my recent Trader Joe’s stash. If these products sound yummy to you, don’t wait. They have the potential to sell out, and they’re likely to be rotated out of the lineup by the end of the year. So if you think any of these items will make a great addition to your Christmas dinner or New Year’s bash, pick them up while you can.

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Some cruise upgrades are worth paying for, at least in my mind. Keep reading to see what I shelled out extra for. 

I’m not what you’d call a cruise person. I don’t love the idea of being trapped at sea with thousands of strangers, and I prefer being able to escape to the woods or a quiet beach while on vacation — not navigate large crowds on a packed vessel.

But when I was invited to join a cruise for a good friend’s birthday, I immediately said yes. This friend has traveled across state lines numerous times to see me and celebrate important milestones of mine, and I wanted to be able to do the same for him.

Now, this recent cruise wasn’t the first one I’d been on. My husband and I cruised several times back before we had kids. However, since it had been more than 10 years since I’d taken a cruise, I wasn’t sure of what to expect.

What I did know, however, is that I didn’t want to come away from that cruise with a giant credit card bill. As such, I tried to be judicious in the upgrades I paid for.

I made these cruise upgrades

There were several extras I paid for to make my cruise more enjoyable.

1. A balcony room

As you may have gathered, I’m someone who doesn’t like crowds, and sitting on a packed cruise deck isn’t so relaxing to me. As such, I paid a few hundred dollars extra for my three-night cruise to have a balcony room. And it was worth every penny.

This particular cruise featured one full day at sea. That was the day my balcony got a lot of use. I can say with certainty that I spent much of that afternoon relaxing and looking out at the water while reading my book.

2. The dining plan

When you go on a cruise, food is generally free in the main dining room, but there can be an upcharge to dine at specialty restaurants. I spent around $150 total for the ability to dine at a specialty restaurant each night of my cruise. And it was worth it not only for the food, but for the ability to make a reservation and not have to struggle to find a table.

Also, because the specialty restaurants can only accommodate a certain number of guests, I found that they weren’t as loud as the main dining room. That made dinner with my friends more enjoyable.

3. Internet service

My husband wanted to join me on this cruise to celebrate my friend’s birthday, and my parents were generous enough to watch our children in our absence. But I absolutely needed a way to stay in touch with my family back home, so shelling out about $20 per day for the internet package was a no-brainer.

The cruise upgrades I didn’t pay for

There were certain extras I did not shell out money for during my cruise.

1. The drinks package

The cruise line I went on offered three different drink packages — a soda package, a refreshment package that included juices and premium coffees on top of sodas, and a deluxe package that included alcohol. I toyed with the idea of the latter package very briefly because I wanted to be able to enjoy myself on vacation without having to stress about every dollar I spent on a drink. But when I saw the price, I knew the deluxe package was a no for me.

The cost of that package was roughly $60 a day. And frankly, my alcohol consumption isn’t high enough to justify that price tag. The maximum number of drinks I had on any given day of my trip was two. At between $10 and $15 each, it was better to just pay on a per-drink basis.

2. A cabana at our beach destination

Our cruise included a day on a private island. My friends and I could’ve rented our own cabana, but we opted not to and instead just walked around enough until we were able to find a group of beach chairs when we needed them. Also, there were different parts of the island we wanted to explore, so we probably wouldn’t have gotten much use out of the cabana anyway.

If you’re going to pay for cruise upgrades, do this

If you’re taking a cruise, there may be certain upgrades that are worth it to your personal finances and certain ones that aren’t. And to be clear, the cost will vary based on the length of your cruise and the cruise line you’re using.

But one thing I suggest doing either way is deciding on those upgrades ahead of your journey and booking them in advance. Doing so will often mean paying a little bit less than what you’ll pay by upgrading once you’re on the ship.

If you’re about to take your first cruise, you may also want to talk to a more seasoned cruiser before making your choices. In my case, I wouldn’t have thought to pay for the dining plan had my friends not asked for all of us to do it. But I’m so glad I did — it made the trip so much better. So don’t hesitate to pick your friends’ brains to see which upgrades they suggest.

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Beauty is big business in the U.S., but there’s no reason to overspend. Check out four ways you may be spending more than you need to. 

It’s no secret that we’re a society that appreciates physical beauty. Companies cash in on that by appealing to our insecurities, promising to deliver results that will change the way the rest of the world sees us and how we view ourselves. The truth is, it’s mostly hype.

While there are products that are proven to help us look our best, there’s no reason to overpay for them. Here are four common mistakes we make as we shop for beauty products.

1. Paying for packaging

No matter how rational you are in everyday life, there can be an emotional aspect to making purchases. According to a 2013 study published in the journal Psychology & Marketing, researchers used an fMRI machine to measure the brain activity of participants as they viewed different types of packaging.

The study found that there was more intense brain activity when participants viewed attractive packaging than when they looked at neutral packaging. Looking at attractive packaging also caused the brain areas associated with rewards to become more active, while the less attractive packaging stimulated the area of the brain connected with negative emotions.

It may sound silly, but many of our purchasing decisions are based on what a product looks like and how the packaging makes us feel. Do we feel as if we’re buying a “prestige” product due to the way it looks? Are we willing to pay more for a product because it’s sold to us in a more attractive package?

One way you may be spending more than necessary on beauty products is by caring how that product looks displayed on your vanity or bathroom sink. Ask yourself if there’s any good reason to risk going into debt because a product is pretty to look at.

2. Buying into advertising

Think of the last perfume or cologne commercial you saw. Undoubtedly, everyone was unnaturally gorgeous, the setting was perfect, and the implied promise was that you could have this beautiful life by wearing that particular perfume or cologne.

The more a company pours into advertising, the more it’s going to charge for a product. And for those who believe the ads, it makes sense to pay more for a “quality” product. The issue is that advertising is all about creating attractive images, subtly making people believe that they can change their lives by making specific purchases. None of it is grounded in reality.

The next time you’re about to purchase a product, ask yourself if you’re sure it’s worth the hit to your personal finances. Also, do yourself the favor of researching similar products to learn if there’s something that would work just as well or better but at a lower price.

3. Believing a celebrity spokesperson

When you see a celebrity in their 60s who looks no older than 40, it’s not because they rub a particular cream on their skin or use a certain brand of makeup. They’re likely having procedures done to keep them looking fresh (and younger than their years).

When a celebrity adds their name to a beauty product, it’s often because they have a stake in the company. It benefits them and their bank accounts to make you believe they’re endorsing a miracle product. It’s totally self-serving and not at all realistic.

A better way to find out if a product works as promised is to check online reviews posted by real people who’ve tried it out on their own. That 68-year-old with nary a wrinkle on their face is not a reliable source.

4. Paying for multiple products instead of buying one that does it all

Beauty products can be confusing, especially as you read about what you “need.” The list can feel a mile long, and purchasing each of those products separately is enough to make you wonder if you need a home equity line of credit to pay for it all.

Instead, look for a single product that does it all. For example, we found Naturium’s Vitamin C Super Serum Plus for $26 at Naturium’s online store and Target. For that price, you get a product with vitamin C, salicylic acid, hyaluronic acid, retinol, and niacinamide. That means a single product delivers the ingredients you need to improve the look of fine lines and wrinkles, smooth and brighten the appearance of your skin, and help protect your skin from environmental stressors.

Sure, you could purchase each of those products separately, but why spend the extra money?

No product is designed to make you look like a different person, but many can help you look like the best version of yourself. And really, isn’t that all any of us is looking for?

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Dana George has positions in Target. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.

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In 2022, 268 million Americans shopped online. Keep reading to learn more about the perks of shopping for beauty products this way. 

It’s no secret that online shopping has become a way of life. In 2022 alone, 268 million Americans made online purchases. That number is expected to reach 285 million by 2025.

Besides the convenience of shopping from the comfort of your own home, there are lesser-known perks of shopping for beauty products online.

1. Opinions are right at your fingertips

Shopping for beauty products online means having instant access to a wide range of product reviews and opinions. Chances are, there will be product reviews on the site you’re visiting. These are usually from real buyers, people who’ve tried the products you’re considering.

What’s more, the internet is chock full of “beauty influencers,” people whose job it is to try out beauty products and share their opinions. Once you find a product you’re interested in, Google “(product name) reviews.” You may be surprised by how many pop up.

One thing about those of us who spend our hard-earned money on beauty products: We do not hold back when asked for an opinion. Rather than a sales clerk trying to sell you a product, you have access to people who’ll give you the real scoop on whether it’s worth the money you’re paying for it.

Why waste money on products you won’t end up using?

2. Comparing prices could not be easier

Google the name of a product and hit the “shopping” tab at the top of the page (just under the search bar). What comes up are pages showing all the places you can buy the product and how much you’ll pay. Gone are the days of going from store to store, trying to figure out if you’re getting the lowest price.

The thing about beauty products is that you’re likely to purchase them your entire life. Whether it’s a skincare line or your favorite brand of makeup, as long as you’re healthy enough to do so, you’ll probably be forking over money for the products that make you look and feel your best. In the long run, paying the lowest available price means leaving more money in your checking account.

3. You’re introduced to dozens of new products

Let’s say you’re looking for a serum containing hyaluronic acid but don’t want to pay a small fortune for it. By scrolling through the options on Google Shopping, you’re sure to be introduced to brands you’ve never heard of before. Once you see something that intrigues you, you move straight to finding reviews.

When you shop for beauty products in a department store, the only brands available to you are the lines that store carries. The same is not true online.

4. Online discounts are a norm

Online is where you’ll find frequent discounts. In fact, the first time you shop for beauty products online, you may be surprised by the competition raging between brands. When one offers 20% off everything, others are likely to top that discount with 25% or 30% off. It’s all about getting you to try their products and then retaining you as a loyal customer.

Any money you save is more you can put away for a rainy day.

5. It’s less stressful

Shopping for skincare and makeup products can be overwhelming, especially if you’re looking for something new to try. With so many brands and products, it can be hard to tell one from the other. And standing at a department store beauty counter with a salesperson hovering over you makes it next to impossible to make a well-informed decision. Shopping online removes that pressure. You don’t have to look at 200 products at once, but can focus on one thing at a time.

In addition, some of the biggest names in beauty offer generous return policies. For example, Ulta, Sephora, Target, CVS, and MAC Cosmetics make it easy to return anything you don’t like for a refund. That said, not all retailers have such a policy, so check it out on their websites before making a purchase.

If you already know which products you like, online shopping is a win-win. You don’t have to worry about whether you’ll be happy with the purchase, and you’re likely to score a better discount than you would in a retail store.

There’s very little downside to shopping for beauty products online, while there are a number of very attractive perks.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Dana George has positions in Target. The Motley Fool has positions in and recommends Alphabet and Target. The Motley Fool has a disclosure policy.

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